REGISTERED SOCIETY NUMBER: RS007201 (England and Wales)

Report of the Members andFinancial Statements for the Year Ended 31 March 2018

!2!:Angmering Community Land Trust

AJ Bennewith & Co (Statutory Auditors)3 Wey CourtMaryRoadGuildford

SurreyGU14QU o

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Angmering Community Land Trust

Report of the Members

Contents of the F"mancialStatementsfor the Year Ended 31 March 2018

Report of the Independent Auditors

Balance Sheet

Statement of Financial Activities

Notes to the Financial Statements

Detailed Statement of Financial Activities

Page

1 to 3

4 to 5

6

7to 8

9to 12

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Angmering Community land Trust

Report of the Membersfor the Year Ended 31 March 2018

REFERENCE AND ADMINISTRATIVE DETAILSRegistered Society numberRS007201 (England and Wales)

Registered officeAngmering Community Land TrustAngmering Community CentreFoxwood AvenueAngmering, LittlehamptonWest SussexBN164FU

MembersT Cross (Chair)V Jerram (Secretary)R McDonald (Treasurer)CJonesS MountainJ OldfieldK YatesR TerryA CollissS FrancisR Martin

Resigned July 2018Resigned July 2018

Company SecretaryV Jerram

AuditorsAJ Bennewith & Co (Statutory Auditors)3 Wey CourtMary RoadGuildfordSurreyGU14QU

Bankers

Unity Trust Bank plcNine Brind/eyp/aceBirminghamB12HB

Status

Angmering Community Land Trust is a Registered Society.

Page 1

Angmering Community Land Trust

Report of the Membersfor the Year Ended 31 March 2018

The Members are pleased to present their report and the audited financial statements for the year ended 31 March2018.

The Members confirm that the annual report of the Society complies with current statutory requirements, the Co-operative and Community Benefit Society Act 2014 and the requirements of the Rules and the provisions of theStatement of Recommended Practice Applicable to charities preparing their accounts in accordance with the FinancialReporting Standard applicable in the UK and Republic of Ireland (FRS 102} (effective 1 January 2015).

Angmering Community Land Trust (ACLT} was registered with the FCA as a Community Benefit Society in September2015 with the specific aim of providing affordable housing for people that lived, worked or had connection withAngmering.

The ACLT Board members are all volunteers and are aware of their responsibilities in relation to accounting andcorporate governance.

The period to the year ended 31 March 2018 has resulted in the planning application for Mayflower Way beingsubmitted on 31 December 2017. The application had not been determined by 31 March 2018.

The former Chairman announced her intention to resign from the position and from the Board at the next AnnualGeneral Meeting.

The planning application was funded from grants from Locality of £40,000; matching funding from Angmering ParishCouncil £4,000 and £30,000 from the Arun District Council share ofthe Community Housing Fund.

RESPONSIBILITIES OF THE MEMBERS

The Members are responsible for preparing the Annual Report and the Financial Statements in accordance with theapplicable law and the United Kingdom Generally Accepted Accounting Practice.

The Co-operative and Community Benefit Society Act 2014 requires the Members to prepare Financial Statements foreach financial year which give a true and fair view of the Society's state of affairs and of its surplus or deficit for theperiod. In preparing those Financial Statements, the Members are required to:

• select suitable accounting policies and then apply them consistently• make judgements and estimates that are reasonable and prudent• observe methods and principles ofthe Charities SORP2015 (FRS102)• state whether applicable accounting standards have been followed, subject to any material departures

disclosed and explained in the financial statements and• prepare the Financial Statements on a going concern basis (unless it is inappropriate to presume that the

Society wHl continue in operation]

The Members are responsible for keeping proper accounting records that disclose with reasonable accuracy at anytime the financial position of the Society and enable them to ensure that the Financial Statement comply with the Co-operative and Community Benefit SOciety Act 2014. They have general responsibility for taking reasonable steps tosafeguard the assets of the Society and to prevent and detect fra ud and other irregularities.

The Members are also responsible for the maintenance and integrity of the corporate and financial informationincluded on the Society's website. Legislation in the United Kingdom governing the preparation and dissemination ofFinancial Statements may differ from the legislation in other Jurisdictions.

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Angmering Communjtv land Trust

Report of the Membersfor the Year Ended 31 March 2018

In so far as the Members are aware:

there is no relevant audit information of which ACl T's auditors are unaware; andthe Members have taken all steps that they ought to have taken to make themselves aware of any relevantaudit information and to establish that the auditors are aware of that information.

AUDITORSThe auditors, AJ Bermewith & Co {Statutory Auditors), will be proposed for re-appointment at the forthcoming AnnualGeneral Meeting. ,., ';,\,:"/, n. ffi"'(-1' ~V,I)

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Approved by 0, rd~er., f ~he board, of members on ......•... ~..••.:~:.~: ~......•...... and signed on its beha If by;

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Report of the Independent Auditors to the Members ofAngmering Community Land Trust

OpinionWe have audited the financial statements of Angmering Community Land Trust (ACLT) for the year ended31 March 2018 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financialstatements, including a summary of significant accounting policies. The financial reporting framework that has beenapplied in their preparation is applicable law and United Kingdom Accounting Standards {United Kingdom GenerallyAccepted Accounting Practice}.

In our opinion the financial statements:give a true and fair view of the state of ACLT's affairs as at 31 March 2018 and of its incoming resources andapplication of resources, including its income and expenditure, for the year then ended;have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; andhave been prepared in accordance with the requirements ofthe Co-operative and Community Benefit SocietyAct 2014.

Basis for opinionWe conducted our audit in accordance with International Standards on Auditing (UK) {ISAs(UK})and applicable law.Our responsibilities under those standards are further described in the Auditors responsibilities for the audit of thefinancial statements section of our report. We are independent of AClT in accordance with the ethical requirementsthat are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we havefulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidencewe have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concernWe have nothing to report in respect of the following matters in relation to. which the ISAs (UK) require us to report to.yau where:

the members' use of the going concern basis of accounting in the preparation of the financial statements is notappropriate: orthe members have not disdosed in the financial statements any identified material uncertainties that may castsignificant doubt about ACLT's ability to continue to adopt the going concern basis of accounting for a periodof at least twelve months from the date when the financial statements are authorised for issue.

Other informationThe members are responsible for the other information. The other information comprises the information included inthe annual report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form ofassurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, indoing so, consider whether the other information is materially inconsistent with the financial statements or ourknowledge obtained in the audlt or otherwise appears to be materially misstated. If, based on the work we haveperformed, we conclude that there is a material misstatement of this other informatian; we are required to reportthat fact. We have nothing to report in this regard.

Matters on which we are required to report by exceptionWe have nothing to report in respect of the following matters where the Co-operative and Community Benefit SocietyAct 2014 requires us to report to you if, in our opinion:

the information given in the Report of the Members is inconsistent in any material respect with the financialstatements; orACLT has not kept adequate accounting records; orthe financial statements are not in agreement with the accounting records and returns; orwe have not received all the information and explanations we require for our audit.

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Report of the Independent Auditors to the Members ofAngmering Community Land Trust

Responsibilities of membersAs explained more fully in the Statement of Members Responsibilities, the members are responsible for thepreparation of the financial statements and for being satisfied that they give a true and fair view, and for such internalcontrol as the members determine is necessary to enable the preparation of financial statements that are free frommaterial misstatement, whether due to fraud or error.

In preparing the financial statements, the members are responsible for assessing ACLT's ability to continue as a goingconcern, disclosing, as applicable, matters related to going concern and using the going concern basis of accountingunless the members either intend to liquidate ACLTor to cease operations, or have no realistic alternative but to doso.

Our responsibilities for the audit of the financial statementsOur objectives are to obtain reasonable assurance about whether the financial statements as a whole are free frommaterial misstatement, whether due to fraud or error, and to issue a Report ofthe Independent Auditors that includesour opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted inaccordance with !SAs (UK) will a/ways detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered materia! If, individually or in the aggregate, they could reasonably be expected toinfluence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the FinancialReporting Council's website at www.frc.org.uk/auditorsresponsibilities.This description forms part of our Report ofthe Independent Auditors.

Use of our reportThis report is made solely to ACLT's members, as a body, in accordance with Section 83 of the Co-operative andCommunity Benefit Society Act 2014. Our audit work has been undertaken so that we might state to ACLT'smembersthose matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extentpermitted by law, we do not accept or assume responsibility to anyone other than ACLTand ACLT'smembers as abody, for our audit work, for this report, or for the opinions we have formed.

AJ Bennewith & Co {Statutory Auditors}Eligible to act as an auditor in terms of Section 1212 of the Companies Act 20063 Wey CourtMary RoadGuildfordSurreyGU14QU

Date: .

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Angmering Community Land Trust

Statement of Financial Activitiesfor the Year Ended 31 March 2018

Year Ended Year Ended31.3.18 31.3.17

Unrestricted Total fundsfund

Notes £ £INCOME AND ENDOWMENTS FROMDonations and legacies 74,200 12,702

Investment income 2 25 1

Total 74,225 12,703

EXPENDITURE ONBank charges 3 73 73

Other 74,314 15,888

Total 74,387 15,961

NET INCOME!(EXPENDITUREJ (162) (S,258)

RECONCILIATION OF FUNDS

Total funds broughtforward (3,258)

TOTAL FUNDS CARRIED FORWARD (3,420) (3,258)=

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The notes form part of these financial statements

Angmering Community land Trust

Balance SheetAt 31 March 2018

31.3.18 31.3.17Unrestricted Total funds

fundNotes £ £

FI)(ED ASSETSTangible assets 6 1

CURRENT ASSETSCash at bank 16,777 5,157

CREDITORSAmounts falling due within one year 7 (20,031) (8,252)

NET CURRENT ASSETS/(lIABllfTIES) (3,254) (3,095)

TOTAL ASSETS LESSCURRENT lIABILITIES (3,253) (3,O95)

NET ASSETS/{L1ABllITIES) ~) ~}

CAPITAL AND FUNDS 8Share Capital 167 163Unrestricted funds (3,420) (3,258)

TOTAL FUNDS (3,253) (3,095)= =-=

The notes form part of these financial statements

Page 7 continued ...

Angmering Community Land Trust

Balance Sheet - continuedAt 31 March 2018

The members acknowledge their responsibilities for(a) ensuring that the eLT keeps accounting records that comply with Sections 386 and 387 of the Companies Act

2006 and(b) preparing financial statements which give a true and fair view of the state of affairs of the CLTas at the end of

each financial year and of its surplus or deficit for each financial year in accordance with the requirements ofSections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relatingto financial statements, so far as applicable to the CLT.

These financial statements have been audited under the requirements of Section 83 of Co-operative and CommunityBenefit Society Act 2014.

These financial statements have been prepared in accordance with the special provisions of Part 15 of the CompaniesAct 2006 relating to charitable small companies. ,

The, . ancial statements were approved by the Board of Members on z.4..Q.~ ~~.?' and were signed onits be If by:

~I .Member ~

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tThe notes form part of these financial statements

.--------------------_ ..._._--_ .._.__ ._-_ .._._ ... _._---------------------------------

Angmering Community land Trust

Notes to the Financial Statementsfor the Year Ended 31 March 2018

1. ACCOUNTING POUClES

Basis of preparing the financial statementsThe financial statements of the ClT, which is a public benefit entity under FRS 102, have been prepared inaccordance with FRS 102 'Accounting and Reporting by Charities: Statement of Recommended Practiceapplicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicablein the UKand Republic of Ireland (FRS102) (effective 1 January 2015)', Financial Reporting Standard 102 'TheFinancial Reporting Standard applicable in the UKand Republic of Ireland' and the Companies Act 2006. Thefinancial statements have been prepared under the historical cost convention.

IncomeAll income is recognised in the Statement of Financial Activities once the ClT has entitlement to the funds, it isprobable that the income will be received and the amount can be measured reliably.

ExpenditureLiabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing theCLTto that expenditure, it is probable that a transfer of economic benefits will be required in settlement andthe amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis andhas been classified under headings that aggregate all cost related to the category. Where costs cannot bedirectly attributed to particular headings they have been allocated to activities on a basis consistent with theuse of resources.

Fund accountingUnrestricted funds can be used in accordance with the charitable objectives at the discretion of the members.

Restricted funds can only be used for particular restricted purposes within the objects of the Cl.T, Restrictionsarise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financialstatements.

2. INVESTMENT INCOME

Year Ended31.3.18

£

Year Ended31.3.17

£Deposit account interest 25 1

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Angmering Community Land Trust

Notes to the Financial Statements - continuedfor the Year Ended 31 March 2018

3. Bank charges

Other trading activities

Year Ended31.3.18f

Period9.9.15

to31.3.17

fBank charges 73 73

4. MEMBERS' REMUNERATION ANO BENEFITS

There were no members' remuneration or other benefits for the year ended 31 March 2018 nor for the periodended 31 March 2017.

Members' expensesThere were no members' expenses paid for the year ended 31 March 2018 nor for the period ended31 March 2017.

5. COMPARATlVES FOR THE STATEMENT OF FINANCIAL ACfWITIES

Unrestrictedfund

£INCOME AND ENDOWMENTS FROMDonations and grants 12,702

Investment income 1

Total 12,703

EXPENDITURE ONBank charges 73

other

Total 15,961

NET INCOME/(EXPENDlTURE) (3,258)

TOTAL FUNDS CARRIED FORWARD

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Angmering Community Land Trust

Notes to the Financial Statements - continuedfor the Year Ended 31 March 2018

6. TANGIBLE FIXED ASSETS

Freeholdproperty

£COSTAdditions 1

NET BOOK VALUEAt 31 March 2018 1

At 31 March 2017

7. CREDITORS: AMOUNTS FAlliNG DUE WITHIN ONE YEAR

Trade creditors

31.3.18£

20,031=

31.3.17£8,252=

8. MOVEMENT IN FUNDS

Netmovement in

At 1.4.17 funds At 31.3.18£ £ £

Unrestricted fundsGeneral fund (3,258) {162} (3,420)Share Capital 163 4 167

TOTAL FUNDS {3,O95} {158} ~l= =

Net movement in funds, included in the above are as follows:

Incoming Resources Movement inresources expended funds

£ £ £Unrestricted fundsGeneral fund 74,225 (74,387) (162)

TOTAL FUNDS 74,225 (74,387) (162)======

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Angmering Community Land Trust

Notes to the Financial Statements - continuedfor the Year Ended 31 March 2018

9. MOVEMENT IN fUNDS - continued

Comparatives for movement in fundsNet

movement infunds£

At 31.3.17£

Unrestricted FundsGeneral fund (3,258) (3,258)

TOTAL FUNDS (3,258)==

Comparative net movement in funds, induded in the above are as follows:

Incoming Resources Movement inresources expended funds

£ £ £Unrestricted fundsGeneral fund 12,703 (15,961) {3,258l

TOTAL FUNDS 12,703 (15,961) (3,258)= =

10. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2018.

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Angmering Community land Trust

INCOME AND ENDOWMENTS

Donations and legaciesDonationsGrantsOther income

Investment incomeDeposit account interest

Total incoming resources

EXPENDITURE

OtherPlanning fee

support costs

Subscriptions

Bank charges

Arch itects

Legal fees

Professional fees

Total resources expended

Net expenditure

Detailed Statement of Financial Activitiesfor the Year Ended 31 March 2018

Year Ended31.3.18

£

Year Ended31.3.17

£

3274,200 12,669

1

74,200 12,702

25 1

74225 12,703

65 350

73 73

20,000 3,419

4,385 4,507

45,244 7,612

74,387 15,961

This page does not form part of the statutory financial statements

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